Core Insights - Great Wall Motors' premium new energy brand Wey showcased its products at the 2025 Chengdu Auto Show, including the Gaoshan family and models like Lanshan and Mocha [1] - The new member of the Gaoshan family, Gaoshan 7, is set to officially start pre-sales on September 10 [1] - Wey has achieved over 10,000 units in sales for two consecutive months, with cumulative sales exceeding 40,000 units from January to July this year [1] - Since its launch in May, the new Gaoshan model has delivered nearly 20,000 units [1] - The Lanshan model has surpassed 100,000 units in cumulative deliveries, becoming the third six-seat new energy SUV to reach this milestone [1]

Core Viewpoint - The company reported a stable performance in May 2025, with notable sales growth in specific brands, particularly WEY and Haval, while also making strides in overseas markets and launching new models to stimulate demand [2][3][4]. Group 1: Sales Performance - In May 2025, the company achieved wholesale sales of 102,000 vehicles, representing a year-on-year increase of 11.8% and a month-on-month increase of 2.2%. Cumulative sales from January to May reached 459,000 vehicles, down 0.5% year-on-year [2]. - Haval brand sold 58,000 vehicles in May, up 22.6% year-on-year and 1.7% month-on-month, with cumulative sales of 259,000 vehicles from January to May, an increase of 2.8% year-on-year [2]. - WEY brand saw a significant increase in sales, with 6,000 vehicles sold in May, up 115.3% year-on-year and 28.1% month-on-month, and cumulative sales of 24,000 vehicles from January to May, up 43.5% year-on-year [2]. Group 2: New Product Launches - The launch of the Haval Dragon fuel version on May 27, 2025, priced between 156,900 to 167,900 yuan, is expected to enhance sales due to its advanced powertrain and intelligent four-wheel drive system [3]. - The introduction of new models and promotional activities is anticipated to create a synergistic effect, boosting consumer interest and sales in the fuel SUV segment [3]. Group 3: International Expansion - The company reported overseas wholesale sales of 35,000 vehicles in May, a year-on-year increase of 0.2% and a month-on-month increase of 7.4%. Cumulative overseas sales from January to May totaled 158,000 vehicles, down 3.6% year-on-year [4]. - The establishment of a factory in Brazil, set to begin production in mid-2025 with an initial capacity of 50,000 vehicles, aims to strengthen local supply chains and enhance market penetration in Latin America [4].

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors, with a target price of 22.46 CNY per share, corresponding to a PE ratio of 14/12/11 for the years 2025-2027 [6][8]. Core Views - Great Wall Motors has shown strong sales performance in May 2025, with a wholesale volume of 102,000 vehicles, representing a year-on-year increase of 11.8% and a month-on-month increase of 2.2% [3]. - The company is experiencing a positive trend in its product lineup, with significant contributions from the Tank and Wey brands, and a strategic focus on high-end electric vehicles [4][6]. - The overseas sales are also on an upward trajectory, with a steady push towards globalization and local production in markets like Brazil [5][6]. Summary by Sections Sales Performance - In May 2025, the wholesale sales of Haval reached 58,000 units, up 22.6% year-on-year, while Wey's sales surged by 115.3% to 6,000 units [3][4]. - The Tank brand maintained stable profits with sales of 21,000 units in May, reflecting a year-on-year increase of 2.8% [4]. Product Development - The Tank 700 Hi4-Z is set to enhance the brand's appeal with a new 2.0T engine and dual motors, offering a pure electric range of 190 kilometers [4]. - The launch of new models under the Wey brand, including the Gao Shan family, has significantly boosted sales, with over 5,900 pre-orders within 24 hours of launch [4]. Financial Projections - Revenue forecasts for Great Wall Motors are projected at 226.78 billion CNY for 2025, with net profit expected to reach 14.09 billion CNY [7][11]. - The company anticipates a steady growth trajectory, with revenue growth rates of 12.2% in 2025 and 15.4% in 2026 [7][12]. Global Expansion - The overseas wholesale sales in May 2025 were 35,000 units, marking a slight increase of 0.2% year-on-year, with plans for a manufacturing facility in Brazil to enhance local production capabilities [5][6].

New Car Launches - The new Zhiji L6 was launched with a limited-time price range of 204,900 to 264,900 yuan, featuring a stylish design and advanced technology [2][4][6][8][10][11] - The Wei brand Gaoshan family was launched with prices ranging from 309,800 to 353,800 yuan, offering a spacious interior and advanced safety features [12][13][17][19][23] - The new Leap C10 was launched with a price range of 122,800 to 142,800 yuan, featuring significant upgrades in battery technology and smart driving capabilities [5][33][34] - The new NIO ES6 and EC6 were launched starting at 338,000 and 358,000 yuan respectively, with enhanced features and battery leasing options [35][40][42][46] - The BYD e7 was launched with a limited-time price of 98,800 to 110,800 yuan, emphasizing its high cost-performance ratio in the B-class electric sedan market [48][49][51][55] - The FAW Toyota bZ5 officially rolled off the production line, set to launch in June, focusing on high cost-performance and advanced driving assistance [56][58][59] Company Dynamics - Tesla registered the "TESLA OPTIMUS" trademark, indicating its plans to develop humanoid robots for household assistance [60][61] - Zeekr established a special committee to evaluate Geely's privatization proposal, reflecting ongoing strategic assessments [63][64][66] - Geely reported record sales in Q1, with total sales of 704,000 units and a revenue of 72.5 billion yuan, marking a 25% year-on-year increase [68][71] - Zeekr's Q1 report showed a gross margin of 16.5%, indicating improved financial performance post-merger with Lynk & Co [72][73][75] - GAC Group announced a restructuring of its R&D system to enhance product development efficiency and increase market competitiveness [76][79] Domestic News - In April, new energy retail sales reached 905,000 units, with a penetration rate of 51.6%, indicating a strong market presence [84][85] - The price of lithium carbonate dropped to 65,000 yuan per ton, falling below the cost balance line, suggesting potential challenges for raw material suppliers [86][87] International News - China and the US reached an agreement on tariff issues, setting the current tariff rate at 34% with a 90-day pause on 24% of the tariffs [88][89][90]

Core Viewpoint - The article discusses significant developments in the automotive industry, particularly focusing on the agreement between China and the U.S. regarding tariffs, the growth of the new energy vehicle (NEV) market, and the launch of new vehicle models from various manufacturers [2][4][5]. Tariff Agreement - On May 12, China and the U.S. reached an agreement on new tariff rates, setting the current tariff at 34% and suspending 24% for 90 days, with ongoing negotiations expected [2][4]. New Energy Vehicle Market - In April, the retail sales of new energy vehicles reached 905,000 units, with a penetration rate of 51.6%. The wholesale sales were 1,133,000 units, with a penetration rate of 51.7% [6][7]. - The market share of domestic brands in April was 65.5%, indicating a maturing automotive market in China and strengthening domestic industry capabilities [8]. Tesla Developments - Tesla has applied for the "TESLA OPTIMUS" trademark, which is associated with its humanoid robot project aimed at household assistance, with a target production cost of $20,000 to $30,000 [10][11]. New Model Launches - The new Zhiji L6 has been launched with a price range of 204,900 to 264,900 CNY, featuring advanced technology and a competitive edge in the market [12][19]. - The Wei brand's Gaoshan family has been launched with prices ranging from 309,800 to 353,800 CNY, targeting both family and commercial use, and featuring advanced hybrid technology [20][24].